THE WORLD THROUGH INSTITUTIONAL LENSES

"The issue is that when you look at the world from these sorts of institutional lenses, identifying problems becomes relatively easy. Solving them becomes very hard. It's no mystery how you get economic growth. You need to provide opportunities and incentives. But how do you make that political equilibrium? How do you make it so that everybody in society actually agrees and abides by a system that provides those incentives and opportunities even if it's not in their short-term interests? Those are the real challenges and that's exactly the sorts of issues we're seeing in Europe, it's the sorts of issues we're seeing in the United States, it's the sorts of issues we're seeing in Turkey."

"The issue is that when you look at the world from these sorts of institutional lenses, identifying problems becomes relatively easy. Solving them becomes very hard. It's no mystery how you get economic growth. You need to provide opportunities and incentives. But how do you make that political equilibrium? How do you make it so that everybody in society actually agrees and abides by a system that provides those incentives and opportunities even if it's not in their short-term interests? Those are the real challenges and that's exactly the sorts of issues we're seeing in Europe, it's the sorts of issues we're seeing in the United States, it's the sorts of issues we're seeing in Turkey."